Rappaport Cos. acquires two shopping centers in Northern Virginia
- March 3, 2014
The Rappaport Cos. acquired two grocery-anchored retail centers in northern Virginia, Dominion Valley Market Square in Haymarket and South Riding Market Square in Chantilly, for an undisclosed price.
Rappaport, based in McLean, purchased the centers through its joint venture partnership with Principal Real Estate Investors. The joint venture began in March 2012. For the past four years, Rappaport has managed both centers on behalf of Toll Brothers, the developer of the residential communities of Dominion Valley Country Club and South Riding.
“The [joint venture ] has proven to be extremely successful in pursuing acquisitions,” Henry Fonveille, president of Rappaport, said in a statement. “We look forward to acquiring more properties with Principal Real Estate Investors in 2014.”
South Riding Market Square is a 266,591-square-foot retail center located at the intersection of Route 50 and Loudoun County Parkway, 15 minutes from Washington-Dulles International Airport. Retailers include The Home Depot and Giant Food plus several family-style restaurants.
Dominion Valley Market Square is located in the Dominion Valley Country Club community on Route 15, two miles north of I-66. The 175,000-square-foot center is anchored by Giant Food and includes Subway, Hair Cuttery and SunTrust Bank.
According to Rappaport, South Riding Market Square is 99 percent leased, while there are a few spaces are available at Dominion Valley.
The Rappaport Cos. has a leasing and management portfolio of about 13 million square feet of retail space in shopping centers and mixed-use projects. The company provides leasing, tenant representation, management and development services for shopping centers and ground-floor retail in mixed-use properties throughout Washington, D.C., Maryland and Virginia